Leading Japan-based venture capital firm SBI Investments, supply chain startup Wiz Freight has raised Rs 93.3 crore, or $11.24 million, in a Series B round. The startup from Chennai has received funding after a more than two-year hiatus.
According to Wiz Freight’s regulatory filings obtained from the Registrar of Companies (RoC), the board approved a special resolution to issue 1,790 Series B CCPS at an issue price of Rs 5,21,191 apiece in order to raise the aforementioned amount.
With an investment of Rs 33.3 crore, SBI Investments led the round, followed by Tiger Global, Nippon Express Fund, and Axilor Technologies Fund, with contributions of Rs 18.71 crore, Rs 16.62 crore, and Rs 10.42 crore, in that order. Moreover, Arali Investments and Unikon Shipping Ventures contributed a total of Rs14.32 crore.
According to filings, the company will use these funds for general corporate operations, growth, and expansion.
Together with the $37 million Series A round led by Tiger Global in March 2022, Wiz Freight has raised over $50 million to date. TheKredible estimates that the company’s post-allotment valuation is approximately Rs 1,142 crore, or $140 million, representing a 20% increase over its Series A round valuation.
Wiz Freight reports that it will close the Series B round at a $175 million valuation and raise $30 million in two tranches of $15 million each.
Wiz Freight provides end-to-end shipment management solutions, including price discovery, booking management, shipment tracking, documentation, shipment finance, and customer support. The company was founded in 2020 by Ramkumar Govindarajan and Ramkumar Ramachandran.
Although Wiz Freight has not yet disclosed its FY23 financial figures, in FY22, its operating revenue increased 18.2X to Rs 327.5 crore. In the same time frame, it made Rs 8 crore in profit.
